Home: Authors: Kelty Wallace

The combined effects of changing consumer behavior, a volatile market, and government regulations are taking a toll on how traditional demand deposit accounts (DDAs) are being originated. Traditionally, consumers could quickly and easily be approved for DDAs, but the bar has been raised on approvals. DDAs have historically been profit centers for banks and the focus on this is only increasing.

It is becoming easier for consumers to originate accounts in channels other than just the branch and banks can use this as an opportunity to increase their wallet share.

When financial institutions implement cross-sell into their everyday banking activities, account openings increase, consumers are more satisfied with their interactions, and FIs realize higher profits and consumer loyalty.

With banking products, consumers can receive rewards based on how much they buy, where they buy, and how often they buy.

In the past few years, financial institutions have experienced less account opening amongst consumers. To help realize growing profits, rather than increasing consumers, they are starting to look internally.

Consumer habits for young adults born between the early 1980s and mid-1900s are so different from their predecessors that they are now classified into their own generation

Financial institutions offer many different kinds of products across multiple lines of business. Oftentimes, each line operates autonomously and duplicate consumer data is collected.

Financial institutions are always looking for ways to expand their customer base, whether it is through increasing the number of customers or increasing the number of products per customer.

Traditional origination and decisioning processes are easily relatable to a game of telephone. One person starts the process, passes the application on, it is analyzed, transcribed, passed on.